One
These days, the news of Qiu Dongrong's resignation is boiling.
Today, Zhonggeng Fund announced that Zhonggeng Value Pilot and Zhonggeng Value Quality managed by Qiu Dongrong have hired fund managers Liu Sheng and Wu Chenggen respectively for one year.
Judging from the past industry situation, the hiring of additional fund managers is often accompanied by relevant personnel changes.
I have held the Zhonggeng Value Quality managed by Qiu Dongrong for one year, and I currently hold about 10% of the income.
The logic of Yau Dongrong's allocation is mainly to be optimistic about the strategic opportunities of Hong Kong stocks and believe that excellent fund managers can outperform the Hang Seng Index.
In the past three years, Qiu Dongrong has done it.
Zhonggeng Value Pilot rose by 32%, 5% and -4% respectively, while the Hang Seng Index fell by 14%, 15% and 14% in the same period.
The soul of active funds is fund managers, especially for small fund companies.
Why is the title trying to sell?
Because this fund is a one-year closed-end fund, it can only be sold after holding it for 1 year, and it can't be sold now, so it has to wait until October this year at the earliest.
Two
Someone asked Qiu Dongrong if there was a better alternative?
According to my first thought, every good fund manager is unique, and Qiu Dongrong is irreplaceable.
A fund manager with excellent long-term performance will inevitably disagree with the market's views at critical moments, so as to beat the market.
For example, during the 20-year bull market of core assets, Qiu Dongrong did not allocate liquor, and the pharmaceutical companies and power equipment companies he bought were not on par with CXO, photovoltaics, and lithium batteries.
If the position is not heavy, take profit is also a good choice.
The market will not rise all the time, there is cash in hand, and there is no panic in the heart.
If you are not satisfied with this answer, then according to the direction of Qiu Dongrong's current heavy position, see if there are any fund managers with the same type of long-term performance and excellence.
In the first quarterly report, Qiu Dongrong is mainly optimistic about three major directions:
The first is technology stocks such as pharmaceuticals, Internet stocks and smart electric vehicles
The second is resource companies, energy transportation companies, real estate, etc., represented by base metals
The third is an excellent manufacturing company, mainly distributed in the field of machinery manufacturing.
My first replacement is Bao Wuke, who also has a heavy position in nonferrous metals, transportation, medicine and the Internet.
来源：Wind
If you invest in the manufacturing industry, my first choice is Liu Xu, who is also heavy in machinery manufacturing.
来源：Wind
Moreover, the performance of Bao Wuke and Liu Xu is better than that of Qiu Dongrong this year, indicating that their positions in nonferrous metals and manufacturing are heavier, and their awareness of related industries will not be lower than that of Qiu Dongrong.
However, it is only recommended to be guaranteed, not to fall after buying, so if you really replace, please consider the risk.
Three
Finally, I would like to use Qiu Dongrong's alternative fund to talk about a more critical issue in investment:
The most urgent pain point for most of us at the moment is whether to pursue excess or profit.
In pursuit of excess, there is nothing wrong with buying excellent active funds.
But the pain point of most people is that they don't make money, and profit is the core pain point.
Why is it still not profitable after 3 years?
First, there is no concept of valuation.
entered the market at a high point in 21 years and bought a popular fund at that time, represented by liquor;
Second, there is no concept of the value trap.
If the company's performance declines, valuations will become more and more expensive.
Blindly copying the bottom of the Internet, photovoltaics, and semiconductors are all lessons.
Third, there is a lack of awareness of asset allocation.
If Big A doesn't have a chance, then look at other opportunities.
Is there a chance for bond funds, is there a chance for U.S. stocks, and is there an opportunity for annuity insurance.
Open your horizons, if you can't do fine (the returns of big A's small-cap stocks and coal in the past 3 years are not bad), then you can pursue broad.
I believe that if you learn asset allocation well and control the proportion of equity assets, instead of buying more and more, the overall holding experience will be much better.
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Disclaimer: The content of this article is based on public information research and does not constitute investment advice. Investors should make prudent decisions and bear risks independently.
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